SENTIENT Case Study

Japan-based financial services company eliminates 90% of manual data entry process through AI-enabled digitization of application information

Customer

Japan based auto insurance company

Industry

Insurance

Function

Record Digitization

Problem

The company has huge amounts of backlog data on past as well as present customers in the form of policy agreements, applications and claim forms. It also has millions of images of vehicle damage as well as personal injuries. The company wants to use all this data to decide how much is the optimal premium that a customer should pay. The records are not entirely digital, but a collection of paper documents stored in various locations. Even when the information is stored digitally, various departments within the company are using different systems to store it: for instance, the claims department uses a completely different system for dealing with claims than the underwriting department. Thus, the customer data is disintegrated and not amenable for extracting any value in its current form. 

Solution

The company adopts an AI-enabled OCR or Optical Character Recognition system that can read and digitize not only printed characters but also handwritten ones. Using this, the company eliminates 90% of the manual data entry processes for application information. And it is able to digitize decades of paper records within the span of a few months. The software generates a confidence level for each application it digitizes: for instance, when handwritten characters are messy, the confidence level goes down and only those applications can then be passed on for manual entry, while those with high confidence levels need no manual intervention. 

Result

The company reduces time and cost of data entry and management. Claims can be processed faster. Various departments can access a client’s data through a unified, digitized database, and the company can use this massive trove of data to apply ML algorithms that can predict premium with accuracy.

More Use Cases

For the Insurance Industry

Cyber Threats

Largest financial services company in South Africa uses ML to detect and prevent cyber threats in real-time

Fraud Detection

Insurance company in Turkey saves $5 million USD using Fraud Detection Software

Claims

Application of ML in faster and more accurate claims processing

2263, KAUST Tech Park Headquarters, 

4700 KAUST, Thuwal, Saudi Arabia 22935

Contact

Call : +966 54 312 3734

Email : info@unitx.tech

© Copyright 2020   |   UnitX Technologies  |   All Rights Reserved 

ممتاز

استلم الورقة البيضاء المجاني حول حلول الذكاء الاصطناعي للتصني

اتصل بـ info@unitx.tech لمعرفة المزيد

Hurray!

Here is your FREE white paper on “AI Solutions for Retail Industry”

For more details contact – info@unitx.tech

FREE White Paper

Enter your details to get it on mail!

Hurray!

Here is your FREE white paper on “AI solutions for Manufacturing”

For more details contact – info@unitx.tech

FREE White Paper

Enter your details to get it on mail!

FREE White Paper

Enter your details to get it on mail!

FREE White Paper

Enter your details to get it on mail!

Hurray!

Here is your FREE white paper on “AI solutions for Finance”

For more details contact – info@unitx.tech

Hurray!

Here is your FREE white paper on “AI solutions for Insurance”

For more details contact – info@unitx.tech

ورقة بيضاء مجانية

أدخل معلوماتك للحصول عليها الآن

ورقة بيضاء مجانية

أدخل معلوماتك للحصول عليها الآن

ممتاز

استلم الورقة البيضاء المجاني حول حلول الذكاء الاصطناعي للتأمين

اتصل بـ info@unitx.tech لمعرفة المزيد

ورقة بيضاء مجانية

أدخل معلوماتك للحصول عليها الآن

ممتاز

استلم الورقة البيضاء المجاني حول حلول الذكاء الاصطناعي للتمويل

اتصل بـ info@unitx.tech لمعرفة المزيد

ورقة بيضاء مجانية

أدخل معلوماتك للحصول عليها الآن

ممتاز

استلم الورقة البيضاء المجاني حول حلول الذكاء الاصطناعي للتجزئة

اتصل بـ info@unitx.tech لمعرفة المزيد

Get your FREE White Paper